Dogan raises bid for Digiturk

January 20, 2014

Turkey’s Dogan Yayın Holding has raised its non-binding bid to $879.5 million to buy a 53 per cent stake in digital pay-TV operator Digiturk.

Dogan Yayın, which runs newspapers and TV stations, made the offer to Digiturk owner Çaukurova Holding and to the state Savings Deposit Insurance Fund of Turkey, it said in a statement to the Istanbul stock exchange.

Türk Telekom also submitted a non-binding offer to buy a 53 per cent stake in the company in July, but the Çukurova Group found Türk Telekom’s $530-million offer too low. Providence also submitted a non-binding offer, which had then been the highest, according to reports. Qatar-based TV channel Al Jazeera had also voiced interest in buying the majority stake in the company.